U.S. stocks experienced mixed trading as the Nasdaq Composite slipped approximately 0.5% on Friday, creating a uncertain market atmosphere for investors.
The Dow Jones Industrial Average rose by 0.27% to reach 38,894.21, showcasing resilience in the face of market fluctuations, while the NASDAQ plummeted by 0.51% to 16,190.52. Furthermore, the S&P 500 also experienced a decline, dropping 0.20% to 5,146.8.
Real estate shares surged by 0.9% on Friday, providing a glimmer of hope amidst the market volatility. In contrast, information technology shares took a hit, falling by 1.8%.
Nonfarm payrolls outperformed economist estimates, revealing an increase to 275,000 in February compared to the expected 200,000. Despite this positive news, the unemployment rate unexpectedly rose from 3.7% to 3.9%, deviating from estimates of 3.7%.
Equities that surged included Willdan Group, Inc., with shares skyrocketing by 25% to $24.85 following a strong fourth-quarter performance and optimistic FY24 guidance which surpassed expectations. Moreover, Safe and Green Development Corporation witnessed a significant uptick of 134% to reach $1.54 after securing financing for the Norman Berry Expansion in Atlanta, Georgia.
Conversely, there were notable declines in the market, with AerSale Corporation witnessing a substantial 27% drop to $6.82 after disappointing fourth-quarter financial results were reported. Amylyx Pharmaceuticals, Inc. also experienced a significant decline of 82% to $3.3650 due to disappointing trial results for AMX0035 in the treatment of amyotrophic lateral sclerosis.
Commodity prices exhibited mixed behavior, with oil decreasing by 1.5% to $77.73, while gold rose by 1% to $2,186.90. Silver saw a minimal 0.2% decrease to $24.54, and copper fell by 1.1% to $3.8840 on Friday.
In the Eurozone, shares displayed a mix of gains and losses. The STOXX 600 in the eurozone showed a marginal increase of 0.02%, while London’s FTSE 100 fell by 0.43%. Spain’s IBEX 35 Index saw a rise of 0.13%, with the German DAX falling by 0.16%. The French CAC 40 rose by 0.15%, whereas Italy’s FTSE MIB Index experienced a decline of 0.04%.
Across Asia Pacific markets, positive performance was observed, with Japan’s Nikkei 225 increasing by 0.23%, Hong Kong’s Hang Seng Index rising by 0.76%, and China’s Shanghai Composite Index gaining 0.61%. Despite this positive outlook, economic indicators in Japan revealed a mixed bag with the service sector climbing to 51.3 in February, while household spending dipped by 6.3% year-over-year in January.
Additionally, the total number of active U.S. oil rigs decreased by 1 rig this week, as reported by Baker Hughes Inc, signaling potential shifts in the energy sector.